Coffee for Closers | Leads360 Sales & Marketing Blog 

Michael Ferree is an expert on online marketing and lead generation and his most recent article on imediaconnection.com highlights the necessity of strong Lead Management Systems like Leads360.

Most notable, is Michael’s reference to a Leads360 study that we conducted that shows that only 57% of lead conversion can be attributed to the quality of leads, while a whopping 43% comes down to smart and efficient lead management.  This means that success in sales cannot rely completely on one method or the other, as both are necessary to maximizing ROI and finding a systematic approach for consistent success.

The first area where lead management shows its value is in speed to contact.  Studies have shown that calling within the first five minutes will allow a sales staff to make contact with their lead 100 times more often than calling within the first half hour.  Internet leads move quickly, representing people who are actively shopping around and who will look at at least 2-3 different providers before they’re done.  The highest level of success will come from contacting that person immediately, while they’re still online and shopping, and before a competitor has reached them.  Lead Management Systems like Leads360, will increase the speed to first call for these leads and give a sales staff a much better chance of calling within the critical first five minutes.  What’s more, Lead Management Systems will also help with another key problem for teams dealing with internet leads: a failure to even contact the lead at all.  The same studies have shown that 37% of leads are never contacted even once!

The second key element that Michael explores is the number of call attempts made for each lead.  It should come as no surprise that persistence is a key element of success in converting leads, and a Leads360 study confirms that multiple call attempts will dramatically increase the chances of success.  A second call alone will increase the chances of contacting a lead by 87%.  Despite this fact, a shocking 50% of leads don’t receive a second call.  More interesting though is the fact that the metrics we collected indicate that there’s an ideal method of calling and number of calls, and calling too many times won’t increase the odds of contacting the lead.  By calling six times and varying the time of day with each call, sales teams can ensure that they contact leads and give themselves the best chance at converting.

Michael Ferree is a leader in the industry and it should come as no surprise that he’s familiar with the necessity of a solid Lead Management System.  A Lead Management System will isolate inefficiencies in your sales process and find solutions for them based on the data Ferree references.

Here at Leads360 we talk an awful lot about leads.  How important they are, how to generate more, how to close more, etc. Sometimes we forget that leads are actual living breathing consumers just like you or I. Dealing with so many of these leads, one thing we have really learned is the importance of consistent follow up with a “personal touch.” One major flaw may companies have made, and continue to make, is the lack of personalized nurturing that leads respond to. Obviously maximizing efficiency is paramount in any type of sales industry, but with the current technology available, your business can have rapport and efficiency, which is by far, the best of both worlds.  Something as simple as consistent personalized email follow ups – as opposed to just generic blasts to your prospects- can mean a world of difference.

We have done a lot of research about following- up with personalized consistency, and our hypothesis was more than proven. After looking at over 15,000,000 leads we found that:

“40% of leads close eventually, with consistent long term follow-up.”

Our own sales team views each lead through the eyes of a gardener. They “plant the seed” through initial contact, then “water” the lead by nurturing it, and finally after making sure they have done everything they can, hope it “blooms” and converts to a sale. This may sound cheesy, but when you take this approach, you are following proven best practices that can only do one thing, help you succeed.

Here are some tips that both Leads360 users, and our own sales team find helpful:

• Varying Format – Because different people respond to different kinds of communication, you want to alter the type of contact you make. Newsletters, personal notes, relevant articles and follow-up calls can all work well in combination.
• Adding Value – Effective lead nurturing comes from being consistent and relevant. Use lead nurturing to distinguish your organization as a provider of value and you will create the relationships that result in increased sales over time.
• Keep it Simple – People want “snack size” bites of information. Short and consistent communication will keep you top of mind, and ensure your leads actually read or hear the message you send.

Maximizing ROI of generating leads is essential to any successful business, especially when utilizing expensive internet leads.  As companies scramble to find the best methods of squeezing every last drop of value out of their leads, it’s important to remember that a solid lead management system is often the key to managing these leads properly.  Jeff Solomon, one of the founders of Leads360, has laid out the Three Key Drivers to Lead Conversion.  By focusing on these three drivers, any sales staff can begin to convert more of their leads and dramatically increase profitability.

Speed: The first key driver is speed.  There are plenty of Metrics that indicate just how important speed is to the sales process.  The early bird gets the worm, and the first salesperson on the phone with a lead will usually get the sale.  Research has shown that 78% of leads will close with the company that contacts them first.[1] Furthermore, leads are 22 times more likely to convert if they’re contacted in the first five minutes.[2]

Sales Process: The second Key Driver to Lead Conversion is sales process.  Consistent success in sales, demands a repeatable and clear sales process that can be easily tracked and adjusted by sales managers and marketing executives.  By approaching every lead in the same manner, you’ll find that it’s easier to identify the metrics necessary for maximizing your ROI.

Persistence: Persistence is another Key Driver to Lead Conversion.  Most leads won’t even be contacted on the first attempt, let alone closed.  As a result, a solid sales staff will know to keep the pressure on and make as many calls as necessary to contact a lead, and ensure that every opportunity has been taken to convert it.  Leads360 studies have shown that a whopping 93% of leads are contacted after the 6^th attempt, while only 39% are reached on the 1^st call.[3]

By following these Three Key Drivers to Lead Conversion, your sales staff can begin to focus their efforts and really start to see results.

[1] First to Call: Why You Can’t Afford to be Second; Leads360 Whitepaper, June 2008

[2] Click to Dial Study; Leads360 Whitepaper, November 2009

[3] Six Calls Equals Success: The Surprising Impact of Call Frequency on Lead Conversion; Leads360 Whitepaper, November 2009

Most companies have already done the math to figure out the monetary value of a lead. They have determined how many leads it takes to obtain a sale and what’s the most they are willing to do for a lead. However if leads are the life blood of your website and business, than you realize there is more to a lead then just monetary value.

If leads are down, sales are down, company moral is down, business is down and everything in turn starts to take a toll.  Alternatively, if leads are coming in and sales are closing, your business is successful.

This is why we must treasure every lead generated. We need to secure our best lead sources and properly track the status of each and every lead from source to sale. Our Call Attempt Study helps you understand why you should contact your leads more often. Our lead management software can help you manage leads and can automatically sort and route leads for you. We also have lead management videos and webinars to help encourage you to track every lead, good and bad, as well as teach you how to convert more leads to sales.

If leads keep your business running, than managing them efficiently and diligently will not only increase your overall conversion rate and ROI, but improve your overall business’ success and future.

Just as mortgage brokers generate loan modification leads and search engine optimization companies generate marketing leads, education institutes and universities have to generate enrollment leads. Every year schools and universities spend millions of dollars promoting various programs offered throughout the year. The majority of those dollars are spent on lead enrollment forms (students that are interested in a particular program filling out a questionnaire or information request form).

Universities generating leads for brochure mailings or for education enrollment specialists could greatly benefit from having an efficient software that can assist in enrollment marketing and management goals. A lead software can help convert more leads, and in turn increasing the possibility of filling up classes.

Here are some very interesting tasks a proper enrollment management software can do for your school.

•    Sort through leads based on programs selected
•    Assign leads to different representatives
•    Recognize geographic location of your lead
•    Track origination of your leads
•    Create easy forms for potential students to fill
•    Distribute and prioritize leads based on form entries
•    Export/download leads in various formats
•    Automatically reply to potential students
•    Track and analyze leads entries
•    Capture the student lead while they are still interested
•    Identify fake leads and highly valuable leads
•    Receive instant emails as soon as lead is generated
•    Sort, filter and route leads based on demographics
•    Update you on the status of each and every lead

To top it off, you can do all this automatically within 1 software interface provided by Leads360. Try out our enrollment management software for free here.

With so many tasks in the work day it’s sometimes hard to prioritize which tasks are most important and which tasks can be pushed aside. If you are a company that generates leads for sales, you could be overlooking some very valuable yet time consuming tasks such as distributing your leads, sorting and filtering through leads generated through marketing, and assigning them to various salesmen or projects.

Without an organized plan your company could be loosing leads, wasting your time on invaluable leads or handling your most valuable leads wrong.

Choosing a sophisticated lead management software that has the ability to automatically assign and send leads to various departments based on any field provided in your form can save you time, improve the efficiency of business flow and increase your ROI.

Just imagine your cluttered email box of leads, how many leads you missed and how many dead end leads you wasted your time looking through. Imagine how great it could be to stop the process of printing huge lists of leads and manually going through these lists line by line. Imagine lead software that can automatically send leads that came from California to your west coast representative or send leads generated via search engine straight to your next available sales rep.

Leads360 provides the most innovative lead distribution and lead routing software that can make your whole lead generation to conversion process more efficient and effective. Try Leads360 Lead Management software completely free for 21 days and see for yourself how simple it is to management every single lead generated.

You hire a sales team to do one thing, Sell. All too often, managers frustrated with their ROI, tend to go to what they think is the root of their problem, their sales department. Who could blame them though? Going through their checklist they think they are doing everything they can to convert the most sales. Adequate lead generation quantity? Check. Quality Leads? Check. Target market Research? Check. So it must be the sales team’s lack of effort right? WRONG. In today’s market, ensuring those items on the list only takes you half way there. Your company needs to maximize the potential it already possesses by creating an environment that is conducive to selling. Lead management technology in conjunction with tools like predictive dialing, create the best environment possible for your sales team to SELL. Think about how much time is wasted dialing people, waiting for them to pick, leaving a message, and then hanging up. With tools like predictive dialing, hundreds of numbers are automatically called and then routed to sales people once a lead answers the phone. This allows more time for sales people to properly engage the lead and make the most of it.  With all the extra time saved from the predictive dialer, an environment is created that maximizes performance and encourages success. Click to view  Leads360 and Five9’s whitepaper. 1+1=3

There comes a time when companies have to start buying leads in order to jump start a new business, survive in the business they are currently in, or continue to grow and increase ROI. Even if  your company is currently generating leads they  should always aim to attain higher quality leads.

If you are an insurance provider buying leads, here are a few tips to help you purchase the best leads for your business.

1.The Lead Source: Where your lead came from is one of the most important factors to consider. Did they come instantly from a search engine, a month old sweepstakes form at the mall, the white pages etc.? Knowing the lead source should be the first objective in determining if the leads you are generating will convert to profits. If you’re buying leads from someone, make sure you know exactly how those leads are obtained. You don’t want to pay for leads that would’ve never converted in the first place, simply because of their origination.

2.The Age of the Lead: When was that lead obtain? When did that lead give up their info? Was it a year ago or 5 minutes ago? Newer leads are much easier to convert because typically the interest is still there.

3. The Cost of our Leads: The majority of the time, factors 1 and 2 will affect the cost of the lead, when it comes to attaining leads its all about the end result or  ROI. You must determine how much each lead is worth based on variables such as conversion rate and revenue per sale. There are also other factors to consider on the buying-side such as how much your competitors are willing to pay and the temperature of the lead. You should only buy leads that are worth your money AND time.

4. How many other companies have access to your leads: Do you get first dibs on them or do you have to wait a couple turns? This is a huge factor to consider.

5. What made the person give up the information: This relates to factor 1, the lead source. What type of marketing method or advertising ad was being used? Did they entice their users with incentives or prizes? Did the ad promise them the world? Do the leads even realize what they are filling out?

6. Research : ‘Google’ the company you’re buying your leads from along with terms like “scam”, “review”, “fake”, “fraud”, “cheat”, “ratings”, “listings”, etc. This will help you determine what type of company you are giving your money to.

7. How Qualified is That Lead: Was that person actively searching for your service or your help in search engines? Did it come from a form on an website notorious for providing your industry’s best information and resources? Or, did that lead come from a business owner that just wanted to download a free ebook?

8.Don’t Hesitate To Question Your Seller. The 7 tips above are all basic lead buying best practices that all dealers should be ready to address.

Use these eight tips to help you buy better leads.

For a comprehensive guide on insurance buying, insurance CRM and other methods of lead generation best practices, download Leads360’s whitepaper “Insuring Success: How to Use Internet Leads to Reach Insurance Buyers” here.

Good Luck!

Almost 10% of homeowners fell at least one payment behind in recent months according to a report by the Mortgage Bankers Association. This figure does not include homeowners who are already in foreclosure. Adding these cases, the delinquency figure nearly reaches 15% or one in seven homeowners. These rising numbers, (the highest since they started being recorded in 1972) are driven by, but lag behind rising unemployment. So when unemployment peaks next year, it is expected that mortgage delinquency will not hit its apex until probably 2011. This is due to the fact that home equity is the primary place that the unemployed can lean when their income dries up. Negative equity plus unemployment leads to increased foreclosures.

CRM’s (Customer Relationship Management) are designed to provide lead management solutions and there are various CRM software packages to choose from. Whichever lead CRM software you choose to manage your marketing efforts (RightNow, SalesForce, Leads360, SAP, Microsoft,etc.),  it’s important to understand that they all require regular management and upkeep. In order to be effective the CRM software implemented must be customized to fit your particular company’s needs and goals.

An effective CRM software is designed to automate sales, track lead origination, rate the value of each potential customer and ensure constant contact with your clients. However, even if your company is using the most reliable and efficient leads management software that performs all these tasks, if poorly managed your ROI of this software will greatly suffer.

Regardless of which software you choose, time must be invested in setting up your account and ensuring the software is customized to meet your company’s goals. You must configure into your account how much you pay per leads, your desired cost per acquisitions goals, and the ROI of various marketing efforts of your company. In order to achieve the highest ROI of this software it is important that you learn to fully utilize its features.

“Most reports cite that a whopping 42% of CRM systems go completely unused after purchase, a sobering statistic given that CRM sales topped 9 billion in 2008.”

It’s imperative to know what features your leads software package provides and how you can use these features to your advantage.

We’ve created a Whitepaper titled “8 Reasons CRM Fails to Deliver“. It analyzes and explains various reasons customer management systems fail to meet expectations, and provides an easy way to assess if CRM is right for your business.

Whitepaper Topics
1. CRM is Complicated
2. CRM is Labor Intensive
3. Buying More than You Need
4. Turn-Key CRM does Not Exist
5. CRM is More Expensive than You Think
6. It is Hard to Quantify Success
7. Success is Driven by Your Company 1st & Your Software 2nd
8. Know the Problems you are Trying to Solve

You can Download the Full Whitepaper Here